Marvell Technology (NASDAQ:MRVL) PT Lowered to $90.00

Marvell Technology (NASDAQ:MRVLGet Rating) had its target price reduced by equities researchers at Susquehanna Bancshares from $105.00 to $90.00 in a research note issued to investors on Wednesday, Stock Target Advisor reports. The brokerage currently has a “positive” rating on the semiconductor company’s stock. Susquehanna Bancshares’ price target indicates a potential upside of 70.55% from the stock’s previous close.

Several other research analysts have also recently weighed in on MRVL. Rosenblatt Securities lifted their price target on Marvell Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, March 4th. Deutsche Bank Aktiengesellschaft cut their price objective on Marvell Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, April 20th. Raymond James upgraded Marvell Technology from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research report on Monday, April 25th. Zacks Investment Research cut Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $76.00 price objective for the company. in a research report on Wednesday, February 2nd. Finally, Needham & Company LLC lowered their price target on Marvell Technology from $115.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $91.74.

Shares of NASDAQ:MRVL traded up $0.37 during trading on Wednesday, hitting $52.77. The stock had a trading volume of 231,566 shares, compared to its average volume of 11,082,382. Marvell Technology has a 12-month low of $46.77 and a 12-month high of $93.85. The stock has a market capitalization of $44.89 billion, a price-to-earnings ratio of -97.78, a price-to-earnings-growth ratio of 1.80 and a beta of 1.27. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29. The stock has a 50-day simple moving average of $62.73 and a two-hundred day simple moving average of $71.20.

Marvell Technology (NASDAQ:MRVLGet Rating) last announced its quarterly earnings results on Thursday, March 3rd. The semiconductor company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Marvell Technology had a positive return on equity of 5.60% and a negative net margin of 9.44%. Marvell Technology’s quarterly revenue was up 68.3% on a year-over-year basis. During the same period last year, the business earned $0.21 earnings per share. As a group, sell-side analysts forecast that Marvell Technology will post 1.73 earnings per share for the current year.

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 45,782 shares of the firm’s stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $61.08, for a total transaction of $2,796,364.56. Following the completion of the transaction, the insider now owns 618,298 shares of the company’s stock, valued at $37,765,641.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dan Christman sold 4,810 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $57.28, for a total value of $275,516.80. Following the sale, the executive vice president now owns 108,393 shares in the company, valued at approximately $6,208,751.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 208,610 shares of company stock valued at $13,591,746. Company insiders own 0.45% of the company’s stock.

Several hedge funds have recently bought and sold shares of MRVL. Mercer Global Advisors Inc. ADV boosted its holdings in Marvell Technology by 21.7% in the third quarter. Mercer Global Advisors Inc. ADV now owns 9,162 shares of the semiconductor company’s stock valued at $553,000 after acquiring an additional 1,635 shares during the last quarter. Prospera Financial Services Inc purchased a new position in Marvell Technology in the third quarter valued at about $893,000. Bank of Nova Scotia purchased a new position in Marvell Technology in the third quarter valued at about $15,950,000. Barings LLC raised its position in Marvell Technology by 11.0% in the third quarter. Barings LLC now owns 7,256 shares of the semiconductor company’s stock valued at $437,000 after purchasing an additional 718 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Marvell Technology by 0.8% during the third quarter. Oppenheimer Asset Management Inc. now owns 37,063 shares of the semiconductor company’s stock worth $2,234,000 after acquiring an additional 293 shares during the last quarter. Institutional investors and hedge funds own 83.11% of the company’s stock.

About Marvell Technology (Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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